Exhibit 6-3 A marginal product curve
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As shown in Exhibit 6-3, the law of diminishing returns applies where there are:
A. more than 5 workers per day.
B. fewer than 2 workers per day.
C. fewer than 5 workers per day.
D. between 2 and 5 workers per day.
Answer: A
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A. consumer sovereignty. B. technological change. C. downsloping demand. D. specialization.
In Table 9.2, Market 3 would be in equilibrium if buyers believed plums account for:
A. 30% of the market. B. 40% of the market. C. 50% of the market. D. 60% of the market.
Which of the following terms describes an exchange rate regime in which the government intervenes in the foreign exchange market to influence the market-determined exchange rate?
A. Managed float B. Currency control C. Clean float D. Fully convertible
Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. What happens if Max's mother gives him 10 pounds of burger?
A) Max would have preferred receiving the dollar value of the burger. B) Max is indifferent between this gift and the dollar value of the burger. C) Max prefers this gift to the dollar value of the burger. D) None of the above.